Azerbaijani leader signed an order on functioning of Financial Monitoring Service under Tax Ministry


May 30, Fineko/abc.az. Azerbaijani President Ilham Aliyev has signed an order on improving the management of the fight against the legalization of money or other property acquired by criminal means and the financing of terrorism.

In accord with the decree the Ministry of Taxes of Azerbaijan will develop and submit to the president the relevant draft regulatory legal acts to ensure the functioning of the Financial Monitoring Service within this Ministry.

The Financial Monitoring Service operated earlier under the Financial Market Supervision Authority of Azerbaijan (FIMSA). In May 2018 President Ilham Aliyev signed a decree, under which the Service was withdrawn from the FIMSA structure and a public legal entity Financial Monitoring Service was established on its basis.

The purpose of the Service is to implement uniform regulation and control over the prevention of money laundering and other property obtained by criminal means, and the financing of terrorism.